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Cubans, Retired Bus Drivers, Elderly Latest Ponzi Victims

It may be difficult for the SEC to pinpoint if the latest round of Ponzi schemes involving retired bus drivers, the elderly and Cuban-Americans were credit union members.

By Michelle A. Samaad | Updated on March 16, 2010

It may be difficult for the SEC to pinpoint if the latest round of Ponzi schemes involving retired bus drivers, the elderly and Cuban-Americans were credit union members.

Since March 3, the commission has stopped three separate investment scams which collectively have impacted investors to the tune of nearly $170 million. The head of a Miami-based real estate firm and his wife allegedly promised elderly Cuban-Americans with annual returns between nine and 16% if they invested in Royal West Property Inc. The SEC said Gaston E. Cantens and Teresita Cantens used new investor money to repay earlier investors and misappropriated millions from investors to pay the Cantens’ salaries and their children and grandchildren.

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